If you would like to share.
My family and I are going through a financial hardship, currently filing BK, Chapter 13. DH just got a new job and I also have a steady job so we are ready to jump back in. I just completed the financial counseling and am needing to work up a budget. We are a family of 6 I really don't want to way over budget and definitely don't want to under budget.
Is your budget for month to month?
Do you set your prices for the whole year? (Say 250.00/m Electric, sometimes it's lower, sometimes higher, save the left over for the higher months)
What system do you use to keep track?
What is on yours and aprox $ amount.
Give me some insight, please! Pretty please with sugar on top :P Sorry for all the questions and TIA for helping out a needy person
To answer your ?'s
Is your budget for month to month? Yes. Sort of.. I make a monthly budget that I "tweak" each month. I usually go over it at least once a week cause I'm strange that way. I also make a yearly overview budget to get the "yearly" expenses in and make sure I get them in to the monthly budget. Like car ins, registration, etc.
Do you set prices for the whole year? I don't.. I adjust it accordingly each month. IE: I know my gas/electric is around 140 in dec, jan, feb. I know it's around 120 in Nov, Mar. I know it's around 110 in Oct, Apr. Etc. Those are the approximations I use in the appropriate months and as they come in around that I can adjust in other areas to cover any shortfall. Likewise if I over budget, it's not going to be by much.
What system do you use to keep track? I use an excel worksheet. I have my yearly, and then I have my monthly ones each on their own page.
What's on yours and approx amounts?
ok first off, I live in a very high cost of living area...
Tithing/donations ~ 500
Utilities ~ This month happens to be 100
Phone ~ 90
Internet ~ 45
Groceries ~ 300 (family of 5)
Household (tp, lightbulbs, cleaners, etc) ~ 50
Personal $ ~ 50 each to dh and I
Auto loan ~ $300
Student loan ~ 150
Medical loan ~ Min 250, currently snowballing it so it gets as much as I can manage to gather.
Medical ~ $50
Birthday/Christmas ~ $50
Car ins/maintenance/registration sink fund ~ $200
Gas for car ~ $200
This is by no means everything. I have a few other categories in my budget that make sense for us. The important part in making a budget and sticking to it is to make it realistic. Make the amounts enough that it's reasonable to live within it, but not so high that you're not forced to think about how you're spending your money.
dh ~ Jacob
dd ~ Ruth(11), ds ~ Jotham(9), ds ~ Caleb(7), ds ~ Evan (4), ds~ Ted (2)
Nancy - you are my hero Seriously, I think it's awesome how you are able to budget so well. My groceries/household for the month would be $500 (US$400) and I think that's pretty good given that we are also in a fairly high cost of living area (I believe the highest in Australia). My mother spends $300/week just for her and my dad. I have absolutely no idea what she is spending all her money on because it's just not necessary. Today I went shopping and spent $130 on everything including nappies, meat, fruit, veg, bread, milk, toilet paper and some other miscellaneous items. I bought my meat and all fresh fruit and veg at the fruit market (there is a butcher inside the fruit market). The meat there is such good quality for the price. I bought 2kilo (4.4lb) best mince 2kilo chicken drumsticks and 2kilo chicken wings for $21.20. That should last a week if not more. Buying in bulk at the butcher is much cheaper (and still a decent quality meat) than buying at the grocery store.
Anyway, sorry to sidetrack but here is our story
Is your budget for month to month? We don't really have a budget, not written down. Dh is in charge of the finances and he works out how much I am able to spend from week to week on groceries etc. I try to make money stretch as far as possible and we are trying to put as much into our mortgage account (it's got a redraw facility so we can withdraw on that) as possible.
Do you set your prices for the whole year? (Say 250.00/m Electric, sometimes it's lower, sometimes higher, save the left over for the higher months) No
What system do you use to keep track? None - like I said above we don't really have a written budget.
What is on yours and aprox $ amount. Well like I said above groceries/household is approximately $500/month, electricity is approximately $400/quarter, gas $120/quarter but as I don't take care of the bills I don't know all of the rest of hand. We've been having takeaway about once a week which can cost between $15 and $60 depending on what we get (usually around $20 - $30) but i'd like to try to cut it back to once a fortnight - both for financial and health reasons.
Is your budget for month to month? Yes, but it's fixed.
Do you set your prices for the whole year? (Say 250.00/m Electric, sometimes it's lower, sometimes higher, save the left over for the higher months) Yes. Some electric companies will average out your bill, so that you have the same amount due every month.
What system do you use to keep track? Our written budget is on microsoft Excel. We use Microsoft Money to keep track of it.
What is on yours and aprox $ amount.
Car Payment = 156.79
2nd Morgage: 350.00
Cell Phone: 50.00
Clothing/Yard Sales: 80.00
My husband works a lot of overtime each month as well. Whatever is over, we put some towards our car loan and some for "entertainment". Those really aren't set.